Because anywhere from 10% to 40% of global supply chain products can go missing every year, supply chains have turned to asset tracking solutions, altering the way products move through the chain beyond recognition.
Then the pandemic put global supply lines in crisis and a fast-tracked solution. Supply chain asset tracking solutions are now expected to surpass the $114 million mark by 2025 because of the ongoing need to increase resilience in the supply chain.
The pandemic also highlighted the need for real-time data through low-cost technologies like Low Power Wide Areas (LPWA) and Radio Frequency Identification (RFID) networks to help reduce the loss of goods and identify where in the chain damage occurs.
Now, there is a growing need for business asset management solutions, a growing industry expected to reach about over $21B by 2030. Does your small business need it?
Let’s look at why most small businesses invest in asset tracking solutions, whether an asset solution is right for you, and ways to choose the best one for your business.
As a small business, adopting asset tracking software begins a journey of asset transparency and security. This article is part 2 of the Guide: Anytime Asset Tracking For Small Business.
Asset tracking software lets you know the exact location of all your business assets in real-time, anytime, anywhere you have an internet connection.
A monitoring and tracking sensor that sends location data to the platform is attached to your assets. Asset tracking solutions typically integrate with your enterprise resource planning (ERP) and/or warehouse/inventory management system so you can manage maintenance, repair, and operations (MRO) better.
Knowing every asset’s location also reduces the probability of loss and increases operational efficiency because it ensures every piece of equipment is protected, appropriately maintained, and used correctly. As a result, you reduce the cost of asset repair or replacement.
Because you’ve released the burden of manual asset tracking from your employees, they’re able to focus on more productive tasks.
Asset tracking optimizes your business functions, improving the quality of your services and customer satisfaction. The automated features of the asset tracking software become a source of asset business intelligence.
Data collected concerning your assets’ costs, utilization, and maintenance is analyzed to provide tactile business information that is excellent for making knowledgeable business decisions. As a result, scaling your business happens faster because identifying growth opportunities and the trends of asset usage is quick.
Implementing an effective asset tracking solution begins with building the proper foundation. Start by getting the suitable applications, systems, and tools to analyze and streamline your processes. Other things to consider when choosing an asset tracking software for your small business are:
Asset audit is not necessary but beneficial for small businesses because it ensures regular maintenance and quick replacement of worn-out equipment. This, in turn, reduces the occurrence of unexpected asset breakdowns, repairs, or replacements. As such, you keep your cash flow intact, a critical factor for small businesses.
Different asset tracking vendors offer different solution options. For instance, one might suggest IT asset management while another might be a fixed asset management solution. But for your small business, you want an option that meets your needs while preserving your costs. This means choosing a solution that manages both your IT and fixed assets. Ensure that the solution also provides the basic asset tracking capabilities to get an excellent return on investment (ROI) without compromising asset control and visibility.
Consider your asset tracking requirements vs. features that would be nice to have when speaking to service providers. Usually, different software solutions have varying levels of customization and configuration options. Decide whether you can get by with an out-of-the-box solution or need one explicitly configured to your operations and business preferences.
Can you make changes to the software, like customizing your reports? Customization has the added advantage of giving your business a competitive edge or saving you massive overhead costs in some cases. Customization features are costlier than the basic solution, so standard software with no customization might be more cost-effective for a small business.
Don’t forget to involve your staff; ultimately, they’ll be the ones using the system, so their input and questions matter.
Understand how you’ll introduce and execute the software in your business operations. Ask your asset tracking solution vendors how their implementation process and suite of tools will affect your business workflows and, more importantly, how to simplify employee adoption. If your staff can’t take to the system, you’ve thrown money out the door.
Understand the effects of your implementation, like any downtime and how many users you are allocated.
Choose a supplier that values your business to ensure you have someone that genuinely cares about your business performance. Use references from other small businesses to find an asset tracking company with experience with your particular needs or industry and a track record of prompt, friendly support.
Asset tracking solutions help tackle complex and expensive asset challenges virtually impossible to do manually. The increased interest in business asset tracking is because they help eliminate inefficient tracking practices and optimize assets and resources to deliver better outcomes. Supply chain and inventory issues can now be tracked and shared in a transparent way.
Anytime Assets is your gateway to actionable insights that can propel your business into incredible growth. You can reduce asset management costs, human error and lost working time with a purpose-built solution that streamlines your business asset tracking.
By tracking your assets, ensuring they operate at maximum efficiency, and replacing them before unexpected breakdowns, you allow your business to thrive. Contact one of our business asset tracking experts today
Yes. While the initial costs of implementing an asset tracking software need to be considered, the investment provides better growth opportunities, reduces maintenance asset costs, and enhances efficiency, making the investment worthwhile.
Your asset tracking software should primarily do three things:
Different industries benefit from asset tracking in different ways. For instance, the software scans inventory as they enter and leave a warehouse. In contrast, the IT industry uses it to collect comprehensive information assets used by the business.